For Sale: Saint Peter MLS# 6671579
Active
$1,850,000
Commercial: Apartment,Mixed Use
Built 1872
0.24 acres
St. Peter schools
MLS# 6671579
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Property Description
THIS IS A ONCE IN A LIFE-TIME OPPORTUNITY TO ACQUIRE A DOWNTOWN SAINT PETER ICONIC MIXED-USE BUILDING! THERE IS A TOTAL OF 25 UNITS BETWEEN 4 ROW HOMES, 16 APARTMENTS, & 5 RETAIL COMMERCIAL SPACES!! ORIGINALLY CONSTRUCTED IN 1872 AS THE TOWNS MAIN HOTEL HANGOUT, THIS PROPERTY HAS SINCE BEEN CONVERTED INTO MAIN FLOOR AND LOWER LEVEL COMMERCIAL SPACES, 3-STORY ROW HOUSES, AND SECOND & THIRD FLOOR APARTMENTS. THE TOTAL GROSS BUILDING SQUARE FOOTAGE IS JUST OVER 24, 000+. AFTER THE DEVASTATING 1998 TORNADO, A GROUP OF INVESTORS CAME TOGETHER TO SAVE THIS HISTORIC PIECE OF REAL ESTATE AND REPLACED THE ROOFS, WINDOWS, INSTALLED A NEW ELEVATOR, TUCK POINTED THE EXTERIOR BRICK, AND ADDED MAINTENANCE FREE METAL COPING AROUND THE WHOLE TOP OF THE STRUCTURE. THE 2ND & 3RD FLOOR APARTMENTS FEATURE TALL CEILING HEIGHTS AND UPDATED KITCHENS & BATHROOMS. IN THE BACK OF THE PROPERTY THERE ARE FOUR ROW HOUSES EACH WITH UNIQUE LAYOUTS AND SOME WITH THREE STORIES. TWO OF THESE ROW-HOUSES ARE 1BD, 1BA AND THE OTHER TWO ARE 2BD + DEN, 1BA. YOU WILL DEFINITELY WANT TO TOUR THIS BUILDING!! PRO-FORMA NOI $171, 177+ / CAP RATE 9.25 %
Listing
Listing Status:
Active
Contingency:
None
List Price:
$1,850,000
Property Type:
Commercial
City:
Saint Peter
Garage Spaces:
0
County:
Nicollet
Year Built:
1872
State:
MN
Property Style:
Apartment, Mixed Use
Zip Code:
56082
Subdivision Name:
Amended
Interior
Ceiling Height:
11-15
Ranges:
One Per Unit
Refrigerators:
One Per Unit
Appliances Included:
- Range
- Refrigerator
Basement Details:
- 8 ft+ Pour
- Drain Tiled
- Full
- Stone/Rock
- Sump Pump
Exterior
Stories:
Three Or More
Garage Spaces:
0
Other Parking Spaces:
16
Air Conditioning:
Central Air
Foundation Size:
6,000 ft2
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
Forced Air
Parking Features:
On-Street Parking Only
Road Frontage:
- City Street
- Paved Streets
Exterior Material:
Brick/Stone
Roof Details:
- Age Over 8 Years
- Asphalt
- Flat
Lot & Land
Acres:
0.24
Geolocation:
44.325344, -93.95675
Inclusions:
Building, Land, Leases, Rental License
Lot Dimensions:
66 x 155
Zoning:
- Business/Commercial
- Residential-Multi-Family
Lot Description:
- Corner Lot
- Tree Coverage - Light
Schools
School District:
508
District Phone:
507-934-5703
Expenses
Annual Caretaker Expense:
$13,142
Annual Fuel Expense:
$19,408
Annual Insurance Expense:
$7,043
Annual Gross Expense:
$93,758
Annual Trash Expense:
$3,720
Annual Water/Sewer Expense:
$4,535
Tenant Expenses:
Cable TV, Electricity
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$23,510
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$23,510
Income
Annual Gross Income:
$264,936
Rent
Annual Net Income:
$171,177
Units
Total Units:
25
Miscellaneous
Current Use:
- Commercial
- Residential
- Retail
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Heating Separate
- Hot Water Common
Water System:
City Water/Connected
Mortgage Calculator
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Local Home Mortgage Professionals
651-253-2144
Jason & Kim Stone
Branch Manager & Co-Branch Manager
Fairway Mortgage NMLS#1018649
Jason Stone joined Fairway Independent Mortgage Corporation in October 2017, as a Producing Branch Manager with over 15 years of experience in the mortgage industry. Throughout his career, Jason has originated over $500,000,000 in residential loan volume and has helped several thousand customers with their home financing needs. Jason was named Minneapolis Magazine: Super Mortgage Professional in 2018-2023, Scotsman Guide: Top Mortgage Originator 2019-2022, and Minnesota Housing: Platinum Leander. He is also a retired volunteer firefighter for the city of Mendota Heights, MN which is one of the reasons he’s a Home for Heroes affiliate lender.
Kim Stone joined Fairway Independent Mortgage Corporation in August 2021, as Co-Branch Manager and Loan Officer. Kim leverages her previous experience as a leader in the non-profit sector to provide care and support throughout each home financing transaction. She has a bachelor’s degree in Communication and Marketing from Minnesota State University, Mankato and a master’s degree in International Business from Nova Southeastern University in Ft Lauderdale, FL.
Leveraging more than 20 years of combined industry experience, the Stone Mortgage Team of Fairway Independent Mortgage Corporation, considers customer service as a way of life. Not only are we dedicated to finding great rates for our customers, but we also offer some of the fastest turn times in the industry. We pride ourselves on being personable, knowledgeable, accessible and reliable. Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond.
Kim Stone joined Fairway Independent Mortgage Corporation in August 2021, as Co-Branch Manager and Loan Officer. Kim leverages her previous experience as a leader in the non-profit sector to provide care and support throughout each home financing transaction. She has a bachelor’s degree in Communication and Marketing from Minnesota State University, Mankato and a master’s degree in International Business from Nova Southeastern University in Ft Lauderdale, FL.
Leveraging more than 20 years of combined industry experience, the Stone Mortgage Team of Fairway Independent Mortgage Corporation, considers customer service as a way of life. Not only are we dedicated to finding great rates for our customers, but we also offer some of the fastest turn times in the industry. We pride ourselves on being personable, knowledgeable, accessible and reliable. Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond.
It would be our pleasure to assist you with your home purchase!
Listing provided by RMLS,
courtesy of Apartment Cash Flow, Inc..
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.